Quote:
Originally Posted by frayedends
I don't expect market defying appreciation. But real estate has always been a pretty good investment. Save for a short time around the 2008 crash it usually beats the stock market. Even in 2008, if you could stick it out a couple years you still made out. Only people that got burned then had sub-prime mortgages that went variable and they couldn't afford their payments.
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I have been a contractor all my life. The real estate market and new builds have PLENTY of ups and downs. There is no guarantee homes will appreciate. Right now, 250 new home prices have been slashed by $10,000 - $50,000. The same is starting to occur with preowned homes. We are in a down market. The questions now are how low will prices go? And, how long will this reverse last? The reduced prices are a result of inflation. Speaking of appreciation is a lost cause at the moment.
Unfortunately, those who bought homes when prices were at the highest will lose the most. This is why sales are slow. Smart buyers realize purchasing a home at this time is probably not a good investment. If they do buy, they must see a good deal.